Phil's Blog

Details on the 2009 / 2010 Homebuyer Credit

Phil Olson (Mortgage & Investment Consultants) — Wed, 02 Dec 2009 09:55:31 -0600

I know this homebuyer credit is somewhat confusing so here are all the details below. I look forward to helping many 1st-time homebuyers and buyers with their mortgage needs in Minnesota and Wisconsin in 2010. Your one stop Mortgage Guy who has been in business for almost 8 years!

How to Qualify for the $8,000 First-Time Homebuyer Credit Extended into 2010

Homebuyer credit extended, enhanced through April 30, 2010

The popular homebuyer credit got a big boost thanks to the Worker, Homeownership, and Business Assistance Act of 2009, signed into law on November 6, 2009. The new law extends and expands earlier laws:

First-time homebuyers get more time to qualify for a federal tax credit of up to $8,000. The deadline for buying a home has been extended beyond November 30, 2009. Buyers must purchase or enter into a binding contract to buy a home on or before April 30, 2010 and close on the home by June 30, 2010.
Starting on November 7, 2009, the law includes a new credit of up to $6,500 for homebuyers who have owned a home for a period of five consecutive years in the past eight years.
Also beginning on November 7, 2009, the income requirement ceiling is lifted allowing more middle and upper middle-class buyers to qualify for a either kind of credit.

While many of the rules are the same for the $8,000 first-time homebuyer credit and the $6,500 homebuyer credit, there are important differences.

To learn more the new credit, read the New $6,500 Homebuyer Credit for Current Homeowners.

Important information about claiming the credit

Buyers who make their purchases in 2009 can amend their 2008 returns to claim the credit, or they can wait to claim it when they file their 2009 taxes.

Those who buy in 2010 can choose to claim the credit on either their 2009 or their 2010 returns.

Taxpayers who make their purchases after Nov. 6 must use a new version of IRS Form 5405, First-Time Homebuyer Credit, to claim their credit. The form should be available for TurboTax users soon. We will update this article when the new form is ready.

Also, taxpayers claiming the credit on their 2009 returns (rather than on their amended 2008 returns), must use the new version no matter when the house was purchased.

However, a taxpayer who purchased a home on or before Nov. 6 and chooses to claim the credit on an original or amended 2008 return may continue to use the current version of Form 5405 available in 2008 versions of TurboTax. For more information, see First-Time Homebuyer Credit: How to Amend 2008 Return for 2009 Purchase.

Taxpayers who claim the credit on their 2009 tax returns should NOT e-file them. They must file a paper return instead and the settlement sheets showing that the home sale closed must be attached.

How the first-time homebuyer credit works

The credit is equal to 10 percent of the home purchase price, up to a limit of $8,000.

If you qualify for the credit, either your refund will be increased or your taxes reduced by as much as $8,000.

You can keep the credit, as long as you own the home for at least three years.

The credit is not available if you buy your home from a close relative, such as your spouse, parents, grandparent, child or grandchild -- or a close relative of your spouse.

Who is considered a "first-time" homebuyer?

You are, if you've never owned a home as your principal residence.

However, you could qualify even if you've owned a home before, just not as your principal residence during the three years prior to the purchase.

Your principal residence is where you live for most of the year.

Important: Married couples cannot qualify for the credit unless both spouses meet the three-year rule.

Other restrictions on homebuyers:

You must be 18 years or older on the date of purchase. If married, at least one spouse must be 18 or older.
You can't be claimed as a dependent by another taxpayer during the year you buy the home.

What qualifies as a principal residence?

It can be a house, a condo, co-op, house trailer or houseboat, within the United States. Vacation and rental homes are not eligible.

The credit does not apply to any home purchased for $800,000 or more.

What are the income limitations?

For purchases on or before November 6, 2009:

For single taxpayers, the credit decreases as modified adjusted gross income rises above $75,000, and it disappears altogether above $95,000.

For married couples, the credit starts to decrease at modified adjusted gross of $150,000 and disappears after $170,000.

Modified adjusted gross income is your adjusted gross income, or AGI (your gross income minus certain deductions such as IRAs and alimony) with tax-free foreign income counted.

For purchases after November 6, 2009 and on or before April 30, 2010:

For single taxpayers, the credit decreases as modified adjusted gross income rises above $125,000 and it disappears altogether above $145,000.

For married couples, the credit starts to decrease at modified adjusted gross of $225,000 and disappears after $245,000.

What is considered the "purchase price"?

The purchase price is generally your down payment, if any, plus your mortgage.

A mortgage can be a first or second mortgage or notes you gave the seller in payment.

How does the credit affect the taxes I owe and the refund I get?

The credit reduces your tax liability, that is, the amount of taxes you are required to pay. Depending on your tax withholdings, you could get a bigger refund or owe less in taxes when you file.

If, for example, your taxes owed for one year are $6,000, you've had $4,000 withheld from your wages, and you buy a home worth $100,000 in January of 2010, the housing credit would entitle you to a refund, as shown below.

Tax liability	$6,000
Minus housing credit	-8,000
Minus withholding	-4,000
Refund	$6,000

But if, for example, your tax liability was $10,000, but you had paid no withholding, then the credit would reduce the taxes you owe, as illustrated below.

Tax Liability	$10,000
Minus housing credit	-8,000
Minus withholding	0
Taxes due	$2,000

How the 2008 first-time homebuyer credit works

The 2008 first-time homebuyer credit offered terms much less favorable than the recently revised credit. The 2008 tax break was essentially an interest-free loan worth as much as $7,500, created under The Housing Assistance Tax Act of 2008.

Known as the first-time homebuyer credit, the tax break was available to taxpayers who purchased a home on or after April 9, 2008 and before Jan.1, 2009, and met certain income and other requirements.
The credit is equal to 10 percent of the home purchase price, up to a limit of $7,500.
Unlike other tax credits, this one must be paid back to the government, over a 15-year period.

How is the credit repaid?

Repayments begin the second year after the tax year that the home was purchased. So the first payment would be reported on the 2010 tax return, as a tax liability. Taxpayers who took the credit might want to increase their withholding or make quarterly estimated payments to cover the repayment and avoid penalties for under-withholding.

What if circumstances change?

If you sell the house before the end of 15 years, you will have to pay the balance remaining on the credit on the tax return for the year the house was sold.
If you no longer use the home as your principal residence (say you rent it out), you pay the remaining balance on the tax return for the year the use changed.
If you die before the 15 years, the balance does not need to be repaid.
If you get a divorce and the home is transferred to your spouse, your spouse will be responsible for future payments.

Phil Olson
Sr. Mortgage Planner
Mortgage & Investment Consultants
651-238-6748
1058 Hastings Ave
St. Paul Park, MN 55071
www.callphilolson.com
polson@minnmortgage.com

100% financing is still available!! Can your loan officer do USDA and VA purchase loans??

Phil Olson (Mortgage & Investment Consultants) — Wed, 05 Aug 2009 09:34:46 -0500

100% financing is still available!! Can your loan officer do USDA and VA purchase loans?? (edit/delete)

That is correct there is still 100% financing for qualified buyers in Rural MN and Western Wi. The sellers can pay almost all your closing costs as well and there is NO PMI on this loan and NO Prepay Penalties either!!! Please contact Phil Olson Sr. Mortgage Planner with Mortgage & Investment Consultants at 651-238-6748 and I would be glad to get you prequalified. Phil Olson is a Mortgage Planner with 20 plus years finance experience and over 8 years mortgage experience. Trust your home financing with a loan officer who looks out for their clients best interest and has the experience to get your loan done! Please visit my website at www.callphilolson.com and read the many positive testimonials past customers have written about their experience with me. There is still 100% financing with VA loans as well and yes Phil Olson can do VA loans. Matter of fact Phil Olson served 8 years in the US Army and loves to help fellow veterans buy or refinance homes. So if you need 100% home loan financing contact Phil Olson for all your needs.

Phil Olson
Sr. Mortgage Planner
Cottage Grove, MN
651-238-6748

BBB and Equal Housing Lender

polson@minnmortgage.com

Do you need a professional loan officer who can get the job done?

Phil Olson (Mortgage & Investment Consultants) — Wed, 05 Aug 2009 09:32:22 -0500

Are you having trouble getting a Conventional, FHA, USDA, or VA mortgage for your customer or for yourself?? Then read what my customers say about me below. I promise great service and no HYPE. If the loan makes sense I have the programs and lenders to get these loans done. Don't spend 2-3 months in underwriting when I can have your deal done in less than 30 days. I recently closed a loan with a customer with a 62% debt to income ratio ion 12 days from cradle to grave. Most lenders have overlays that prevent this type of transaction from being approved. I still have lenders who will do loans based on common sense! So use a loan officer who has been there and done that with 20 years finance experience. I promise great results!

Dear Phil

Thank you so much for making our dreams of home ownership (a yard, garage, separate bedrooms with doors!) a reality. We truly enjoyed working with you & appreciate all the hardwork & countless hours of work on your behalf. Thank you for being easy to get ahold of anytime of the day & quick to answer questions - even if it was during your dinner hour! Again thanks for everything..

Tim, Laura, Adrien

Woodbury, Mn

Phil Olson is a home loan consultant with 20 years financial experieince. In a tight mortgage enviroment you need someone who has the resources and experieince to get the job done. I'm a 1st time homebuyer expert who will cover all the bases to insure there are no surprises at the closing. Hire a mortgage consultant who really cares about his customers best interest and will be available for all your questions..

We have all mortgage programs, great rates and many down payment assistance programs.. Please visit my state of the art website at www.callphilolson.com for more info as well.

Phil Olson
Sr. Mortgage Consultant
651-238-6748
Cottage Grove, Mn
www.callphilolson.com
Serving the Mn and Wi area for over 8 years.

BBB & Equal Housing Lender

Are you having trouble getting financing?

Phil Olson (Mortgage & Investment Consultants) — Tue, 30 Jun 2009 14:45:44 -0500

Are you frustrated with your mortgage loan officer? (edit/delete)

Are you having trouble getting a Conventional, FHA, USDA, or VA mortgage for your customer?? Then read what my customers say about me. I promise great service and no HYPE. If the loan makes sense I have the programs and lenders to get these loans done. Don't spend 2-3 months in underwriting when I can have your deal done in less than 30 days.

Dear Phil

Thank you so much for making our dreams of home ownership (a yard, garage, separate bedrooms with doors!) a reality. We truly enjoyed working with you & appreciate all the hardwork & countless hours of work on your behalf. Thank you for being easy to get ahold of anytime of the day & quick to answer questions - even if it was during your dinner hour! Again thanks for everything..

Tim, Laura, Adrien

Woodbury, Mn

Phil Olson is a home loan consultant with 20 years financial experieince. In a tight mortgage enviroment you need someone who has the resources and experieince to get the job done. I'm a 1st time homebuyer expert who will cover all the bases to insure there are no surprises at the closing. Hire a mortgage consultant who really cares about his customers best interest and will be available for all your questions..

We have all mortgage programs, great rates and many down payment assistance programs.. Please visit my state of the art website at www.callphilolson.com for more info as well.

Phil Olson
Sr. Mortgage Consultant
651-238-6748
Cottage Grove, Mn
www.callphilolson.com
Serving the Mn and Wi area for over 8 years.

BBB & Equal Housing Lender

100% financing is still available!! Can your loan officer do USDA and VA purchase loans??

Phil Olson (Mortgage & Investment Consultants) — Tue, 30 Jun 2009 14:41:35 -0500

That is correct there is still 100% financing for qualified buyers in Rural MN and Western Wi. The sellers can pay almost all your closing costs as well and there is NO PMI on this loan and NO Prepay Penalties either!!! Please contact Phil Olson Sr. Mortgage Planner with Mortgage & Investment Consultants at 651-238-6748 and I would be glad to get you prequalified. Phil Olson is a Mortgage Planner with 20 plus years finance experience and over 8 years mortgage experience. Trust your home financing with a loan officer who looks out for their clients best interest and has the experience to get your loan done! Please visit my website at www.callphilolson.com and read the many positive testimonials past customers have written about their experience with me. There is still 100% financing with VA loans as well and yes Phil Olson can do VA loans. Matter of fact Phil Olson served 8 years in the US Army and loves to help fellow veterans buy homes. So if you need 100% home loan financing contact Phil Olson for all your needs.

Phil Olson
Sr. Mortgage Planner
Cottage Grove, MN
651-238-6748

BBB and Equal Housing Lender

polson@minnmortgage.com

There is $15,000 available to your buyers in St. Paul MN - limited funds so call now!

Phil Olson (Mortgage & Investment Consultants) — Fri, 19 Jun 2009 13:31:34 -0500

$15,000 Down Payment Assistance for purchase in St. Paul MN (edit/delete)

That is correct!!! The St. Paul Heroes Program allows a 1st time homebuyer up to $15,000 down payment assistance. This is not a 100% mortgage financing program, but a great program to help with closing costs and down payment and it is a 0% interest 2nd mortgage. You must be an Approved Lender to sponsor this program and WE ARE. Please call me at 651-238-6748 to find out all the details. To qualify you must purchase in the St. Paul Zip Code. There are other qualifiers so please call me to get all the details..Agents welcome to call! That could be $23,000 in DPA with the Federal Money!!!

This program can be partnered with Conventional, FHA, VA, and USDA --- WOW!!!

Phil Olson
Your One Stop Mortgage Guy
Mortgage and Investment Consultants
651-238-6748

BBB & Equal Housing Lender

Are you frustrated with your mortgage loan officer?

Phil Olson (Mortgage & Investment Consultants) — Fri, 19 Jun 2009 13:02:40 -0500

$15,000 Down Payment Assistance for purchase in St. Paul MN

Phil Olson (Mortgage & Investment Consultants) — Sat, 23 May 2009 08:42:08 -0500

This program can be partnered with Conventional, FHA, VA, and USDA --- WOW!!!

Phil Olson
Your One Stop Mortgage Guy
Mortgage and Investment Consultants
651-238-6748

BBB & Equal Housing Lender

Loan Officer who really cares about his clients success!

Phil Olson (Mortgage & Investment Consultants) — Sat, 23 May 2009 08:12:58 -0500

If you are looking for a Loan Officer who is strictly concerned with my clients best interest then I'm the loan officer for you. I'm extremely dependable, honest, and have a high degree of integrity. I have closed over 350 purchase agreements over the last 7 years in the greater Minnesota and Wisconsin area and have over 20 years banking experience. My clients would tell you that my service, availability Monday - Sunday, loan product selection, low rates, and attention to detail ranks in the top 10% of all loan officers in the industry. I promise all my clients that there are no surprises at the closing table and I will provide all the information they need to make informed decisions. I guarantee all clients who work with me will receive special attention and their mortgage needs will always be tailored towards their short & long-term goals. I look forward to working with you in the very near future.

Below I have highlighted many of our programs and services that I have available to my clients!

•ü All FHA, USDA 100%, & VA products for 1^st time homebuyers.

•ü All VA 100% product lines.

•ü FHA refinance programs for Rate / Term 96.5% & Cash out to 90%.

•ü Federal, State, and county money for down payment assistance.

•ü All 10- to 30-year fixed rate mortgage products.

•ü All Fannie Mae and Freddie Mac programs.

•ü All Investment property acquisition programs.

•ü Rehab and Construction loan programs.

•ü Small business loans up to 300K with no collateral requirements.

•ü My own state of the art web sites at http://activerain.com/polson/www.refinanceminn.com%20 provide my customers with up-to-date mortgage & consumer information.

•ü New & Hot MLS listings advertised on my website by realtors in the community.

•ü 100% mobile capabilities with our web based program. I look forward to meeting with my customers in the confines of their homes or the coffee shop with my laptop and printer.

Phil Olson

Sr. Mortgage Planner

Mortgage and Investment Consultants Inc.

8619 West Pointe Douglas Road, Suite 220

Cottage Grove, MN 55016

Polson@minnmortgage.com

http://www.callphilolson.com/

Wk: (651) 203-6432 Members

Cell: (651) 238-6748 BBB

Fax: (651) 203-6431

Home Buyer / Refinance Closing Guarantee
Money-Back Guarantees from Phil Olson with Mortgage & Investment Consulting Inc. We guarantee our closing costs or you get money back!

Closing Costs Guarantee

Should your actual closing costs be OVER the amount quoted in the Good Faith Estimate, I will credit you the difference. This does not include Per Diem, Tax and Insurance Escrows, and defects on Title.

Choose a lender that ensures the smoothest process possible, from application to closing. I'm your best choice for home financing options!

Ask me about my Closing Guarantee!

We have all FHA products to include the New Refi Plus Program!

Phil Olson (Mortgage & Investment Consultants) — Mon, 06 Apr 2009 13:13:44 -0500

That is correct and we are still doing loans! We have every product available for our customers needs. Matter of fact - we current have 10+ FHA lenders who specialize in FHA loans, The New Refi Plus loans, Streamlines, Secure, and the New H4H program. Yes, Down Payment Assistance has gone away, but 1st time homeowners can receive up to $8,000 from the Federal Government. We still have 100% financing available through the VA and USDA Lenders as well. To get more information please call me or email me at polson@minnmortgage.com. I promise you will be treated special and receive great service. So please call me at 651-238-6748 or visit my very informative website at www.buying1sthouse.com or www.callphilolson.com and read the many testimonials from my past customer's. Realtors welcome! No credit will be turned away! I have 18 plus years in the finance world and provide FREE Credit Repair Consultations for those that need help. There is no need to look further I'm your one stop loan officer who has the experience to get your loan done!

Phil Olson
Mortgage & Investment Consultants
18 Years of Mortgage & Credit Repair Experience

www.buying1st house.com
651-238-6748

Super Hot Foreclosures available!!!

Phil Olson (Mortgage & Investment Consultants) — Tue, 03 Feb 2009 12:14:34 -0600

Work with our team of real estate (Team Boo) / loan experts to get the inside track on some of the hottest foreclosures in the Twin Cities.

Click this link http://www.CallPhilOlson.com/forms/hotForeclosures.html and fill out this short 5 question application and receive information on properties that are pre-list with 24-48hrs for free.

That means you can get information on properties before they even hit the MLS. Let us find you that diamond in the rough or the needle in the haystack!

Phil Olson
Sr. Mortgage Planner

BBB and Equal Housing Lender

Wow, another happy mortgage customer!!!

Phil Olson (Mortgage & Investment Consultants) — Tue, 03 Feb 2009 12:11:29 -0600

About 5 years ago my husband and I met Phil Olson at the title company we used to refinance our mortgage on our 1st home. As we were walking out, Phil was walking in. He introduced himself, gave us his business card, and told us to call him if we ever needed assitance in the future with our mortgage. We did that approximately 1 year later, as we were heading in a downward spiral from the adjustable mortgage we were in. Phil was honest with us and told us we needed to work on establishing our credit back in order to get another loan. After working with us for 4 years, we were finally able to purchase our dream home. In September we bought our dream home at a interest rate we were very happy with. The first of the year brought us even better news as Phil called us and asked us if we were ready to save some more money. Who wouldn't like that? Because he financed us with a FHA loan, we were able to get a Streamline loan with a 2% savings on our interest! We are now at the lowest possible FHA rate!!
We feel so blessed to have a mortgage lender who looks out for our best interest.

I cannot thank Phil enough for being sometimes brutally honest while continuing to work with us. It was a long road, but it paid off in the end. We have our dream home and a friend that we completely trust with our mortgage needs. We would recommend Phil to anyone who needs to purchase a home or to refinance an existing loan. He is honest and will find the best loan for you with the best rates. He has been fair and has answered or returned every phone call we have made to him over the years.

Lonnie and Kim H

For more testimonials about my mortgage services please go to http://www.callphilolson.com/localResources/Testimonials/. I'm your one stop mortgage planner who has all products, lenders, and some of the best rates in the metro.

Ranked A+ with the MN BBB
Equal Housing Lender

Phil Olson
Sr. Mortgage Planner
Cottage Grove MN
651-238-6748

Another happy Mortgage customer!!!

Phil Olson (Mortgage & Investment Consultants) — Wed, 28 Jan 2009 09:21:13 -0600

I cannot thank Phil enough for being sometimes brutally honest while continuing to work with us. It was a long road, but it paid off in the end. We have our dream home and a friend that we completely trust with our mortgage needs. We would recommend Phil to anyone who needs to purchase a home or to refinance an existing loan. He is honest and will find the best loan for you with the best rates. He has been fair and has answered or returned every phone call we have made to him over the years.

Lonnie and Kim H

For more testimonials about my mortgage services please go to http://www.callphilolson.com/localResources/Testimonials/. I'm your one stop mortgage planner who has all products, lenders, and some of the best rates in the metro.

Ranked A+ with the MN BBB
Equal Housing Lender

Phil Olson
Sr. Mortgage Planner
Cottage Grove MN
651-238-6748

FHA Mortgage Pro - 18 years finance experience

Phil Olson (Mortgage & Investment Consultants) — Tue, 27 Jan 2009 12:47:20 -0600

LOW LOW rates, and I provide a large variety of programs including 100% Purchase loans (VA & USDA), 97% Rate and term refinances, ALL FHA products, VA, USDA, FHASecure, FHA Streamline, FHA Mini Construction Loans, Super Jumbos, and all Conventional programs. Go with a mortgage officer who has 18 yr finance experience who will tell you the honest truth about each loan program and will look out for your short and long-term goals. Please visit my website at www.callphilolson.com to read many testimonials on how I represent my clients.

Phil Olson

Sr. Mortgage Planner

Mortgage & Investment Consultants

8619 W Pointe Douglas Rd. #220

Cottage Grove, Mn 55016

Office - 651-203-6432

Cell - 651-238-6748

Fax - 651-203-6431

------------------------------------------------------------------------

Visit my Website 24/7 to:

Search 1000's of Homes!

Find Your Home's Value!

Free Mortgage Insider Reports!

Loads of Loan Options!

Find Recommended Professionals

Get a Quick Quote in Just 5 Seconds... all this and TONS MORE @

Your True One-Stop Mortgage Solution Guy!

You treated us like family - Thank you.

Phil Olson (Mortgage & Investment Consultants) — Tue, 27 Jan 2009 12:39:04 -0600

January 9, 2009

Phil Olson Senior Mortgage Planner Mortgage Investment Consultants

Dear Phil,

Beth and I wanted to write you a letter of "thanks" for helping us through our refinance on our house. We appreciated the personal attention you gave us. When the interest rates drop right before the holidays, you took the time out of your busy schedule. You worked around our schedules, came to our house at night and worked step by step with us, answering all our questions, and making the process clear, quick, and no surprises. Working with you was like having family take care of us. Thank you for your professionalism, expertise, advice, and most important your personal care!

Thanks again, Jack and Beth
Cottage Grove

To read more testimonials about my loan services please visit my web site at www.callphilolson.com and then click Testimonials... I guarantee my services and rates will be some of the best within the state. Looking for an expert on the 1st time home buying or home refinances... THEN I"M the LOAN OFFICER you need to speak with! Please visit my website or call me direct at 651-238-6748

Equal Housing Lender
BBB

Phil Olson

Sr. Mortgage Planner
Mortgage & Investment Consultant
Cottage Grove MN 55016
651-238-6748

Super Hot Foreclosures (Minnesota)

Phil Olson (Mortgage & Investment Consultants) — Tue, 27 Jan 2009 12:36:53 -0600

Work with our team of real estate (Team Boo) / loan experts to get the inside track on some of the hottest foreclosures in the Twin Cities.

Click this link http://www.CallPhilOlson.com/forms/hotForeclosures.html and fill out this short 5 question application and receive information on properties that are pre-list with 24-48hrs for free.

That means you can get information on properties before they even hit the MLS. Let us find you that diamond in the rough or the needle in the haystack!

Phil Olson
Sr. Mortgage Planner

VA Loans (100% Purchase financing and 100% cash out refinance) Talk to a Vet!

Phil Olson (Mortgage & Investment Consultants) — Sun, 11 Jan 2009 10:51:46 -0600

Wow, what a GREAT program for a Veterans that are active, were Active, Reserve, National Guard, and or Coast Guard. This is one of the few programs that will allow 100% financing for purchases or refinances. So call Phil Olson (8 yr US Army Vet) to get all the details. I automatically give all my VA customer a 25% discount on their origination too....

Phil Olson
Sr. Mortgage Planner
Mortgage & Investment Consultants
Cottage Grove MN
651-238-6748

www.callphilolson.com

polson@minnmortgage.com

Our Mortgage rates are AWESOME (4.375% 30 Year APR 4.58%)

Phil Olson (Mortgage & Investment Consultants) — Sun, 11 Jan 2009 10:33:58 -0600

That is right!! I locked a few loan this week at that rate. To see if you might qualify below please read.

741 plus credit score
Have a 20% or great equity position in home
Must be your primary residence
Full Document loan
Must qualify through Fannie or Freddie Mac (Conventional Loan)
You must escrow with the lender
No discount point charged
1% origination and standard closing cost

These are just some of the guidelines for this rate. Please understand that rates change daily and this opportunity could be gone very soon. So give me a call and I would be glad to provide you a Free Quote in as quick as 20 minutes. We require no application fee and I wil guarantee our results for youl

Our underwriting times our 24 hours and we can have your loan done with 10-15 days not 30-45 like other lenders!

I just wanted to give you a quick FYI... I have included the Wells Fargo link below showing their rate is 4.875% for the same program. I would like to wish you and your family an awesome Holiday Season!

Wells Fargo rte link https://www.wellsfargo.com/mortgage/rates/

Phil Olson
Sr. Mortgage Planner
Cottage Grove MN
651-238-6748
polson@minnmortgage.com
www.callphilolson.com

Equal Housing Lender

BBB

You treated us like family - Thank you.

Phil Olson (Mortgage & Investment Consultants) — Sun, 11 Jan 2009 10:12:10 -0600

Phil Olson

Sr. Mortgage Planner
Mortgage & Investment Consultant
Cottage Grove MN 55016
651-238-6748

Two more happy customers... Loan officer goes above and beyond

Phil Olson (Mortgage & Investment Consultants) — Wed, 26 Nov 2008 11:00:11 -0600

Dear Phil Olson,

To those looking for a great mortgage broker.....

My fiancé and I started our house hunting experience in June of '08. We contacted a realtor from my past and we begun house hunting. We found a house in River Falls that was totally our dream home. We put an offer in on the house (which was bank owned) and the nightmare began. Our realtor at the time was lazy, he didn't do what we asked him to with our bids, and needless to say we lost the house.

After you put in an offer on a house you need to go through the financing portion of the game...well we started with Wells Fargo, a person that our past realtor had suggested we work with. After 3 weeks of bending over backwards for this man we received a call stating that he was dropping us as clients without any explanation other than he didn't think he was the right person for the job. All the while this is happening we are becoming more and more frustrated with the realtor because he is failing us. The one and only good thing that came from this man was that he introduced us to Phil Olson and his team of professionals.

So moving on to the next chapter of our dramatized story, (this by the way is 100 % fact). Jay and I are still working with our failure of a realtor, and now it's to the point where he is not returning our calls, not putting in the offers that we've told him to put in, and at this point Phil is in the picture, ready and willing to do whatever he can for us. To make a long story short Phil helped us find a new realtor and contacted Shelly Nelson who is 100% opposite of our first realtor, and now things are looking up for us.

Having lost our first house and being extremely disappointed Jay and I almost call it quits and decide to stay in our mobile home. Phil being the guy that he is won't let this happen. He and Shelly work extremely hard to help us find the house of our dreams....26 acres in the woods, 2002 built home, beautiful! We put the offer in on the house and it's accepted!

Here starts the rollercoaster of highs and lows! One thing that everyone should know is that Jay and I do not have the best backgrounds as far as credit goes...Jay has a foreclosure and a bankruptcy, I have a bankruptcy....You ask yourself...Well how the heck did they get approved for a 30 year fixed 6.5% mortgage.......the answer is Phil! Without Phil and his team this would never have been a possibility. True that it wasn't a walk in the park for any of us, we were in constant contact with Phil and Josh; they took the reins and told Jay and me exactly what was needed to make this happen. There were tons of papers we needed to sign, things that we needed to fix on our credit report before the underwriters would look at our file, but it is all worth it. Phil is very high energy and a wonderful person to work with.

My point here folks is Jay and I had one of the worst possible scenarios as far as credit history could go.....Phil and his team got the job done. Phil is extremely passionate about his clients and is willing to go the extra mile to help make a dream for some....reality! I never in a million years thought it would be possible that after having such back luck with our credit, Jay and I could proudly say we are now the fortunate owners of our dream home.

Thank you Phil! Thank you to your team also! It was the most incredible experience I've had!

Sincerely,

Jay and Kelly!

Thank you for your hard work and dedication, proving to me I could own my own home. As we talked on the phone, you were very honest with me, and I appreciated that. I needed someone who was going to tell me the facts and not just drag me along. You knew what was possible and connections to get things going. I know with my credit and income issues I was a case needing a lot of patience, and the right financial connections to get a low monthly payment.

You worked with me even after all the copper piping in the home I was prepared to buy was stolen and we had to find a new house! You reassured me I'd get into another house. We resigned papers on a new house and with your patience I'm now a very happy 1st time home buyer in Minneapolis. I'm a very happy customer living in my new house and I couldn't have done it without you.

Thank you for being there for me and making my dream come true! I know if I have any questions, I will always ask for you. I know you are someone I can count on. You made the impossible possible. I have and always will recommend your services to anyone needing a mortgage planner. You, do your job proud, and accomplish what you set out to do. I can't thank you enough.

M. Rose 06/2008

To read more testimonials about my loan services please visit my web site at www.callphilolson.com... I guarantee my services and rates will be some of the best within the state. Looking for an expert on the 1st time home buying or home refinances... THEN I"M the LOAN OFFICER you need to speak with! Please visit my website or call me direct at 651-238-6748

BBB and Equal Housing Lender

MIC has a A+ rating with the BBB (click to view below)

http://minnesota.app.bbb.org/ratingreport/43003459

WE ARE STILL DOING LOANS AND EVEN HAVE 100% FINANCING STILL AVAILABLE

Phil Olson (Mortgage & Investment Consultants) — Wed, 05 Nov 2008 12:15:10 -0600

WE ARE STILL DOING LOANS AND EVEN HAVE 100% FINANCING STILL AVAILABLE (edit/delete)

That is correct and we are still doing loans! We have every product available for our customers needs. Matter of fact - we current have 10+ FHA lenders who specialize in FHA loans, Streamlines, Secure, and the New H4H program. Yes, Down Payment Assistance has gone away, but we still have 100% financing available through Conventional and USDA Lenders. To get more information please call me or email me at polson@minnmortgage.com. I promise you will be treated special and receive great service. So please call me at 651-238-6748 or visit my very informative website at www.buying1sthouse.com or www.callphilolson.com and read the many testimonials from my past customer's. Realtors welcome! No credit will be turned away! I have 18 plus years in the finance world and provide FREE Credit Repair Consultations for those that need help. There is no need to look further I'm your one stop loan officer who has the experience to get your loan done!

Phil Olson
Mortgage & Investment Consultants
18 Years of Mortgage & Credit Repair Experience

www.buying1st house.com
651-238-6748

Another happy customer (Phil Olson FHA Pro)

Phil Olson (Mortgage & Investment Consultants) — Wed, 05 Nov 2008 12:11:11 -0600

To those looking for a great mortgage broker.....

My fiancé and I started our house hunting experience in June of '08. We contacted a realtor from my past and we begun house hunting. We found a house in River Falls that was totally our dream home. We put an offer in on the house (which was bank owned) and the nightmare began. Our realtor at the time was lazy, he didn't do what we asked him to with our bids, and needless to say we lost the house.

After you put in an offer on a house you need to go through the financing portion of the game...well we started with Wells Fargo, a person that our past realtor had suggested we work with. After 3 weeks of bending over backwards for this man we received a call stating that he was dropping us as clients without any explanation other than he didn't think he was the right person for the job. All the while this is happening we are becoming more and more frustrated with the realtor because he is failing us. The one and only good thing that came from this man was that he introduced us to Phil Olson and his team of professionals.

So moving on to the next chapter of our dramatized story, (this by the way is 100 % fact). Jay and I are still working with our failure of a realtor, and now it's to the point where he is not returning our calls, not putting in the offers that we've told him to put in, and at this point Phil is in the picture, ready and willing to do whatever he can for us. To make a long story short Phil help us find a new realtor and contacted Shelly Nelson who is 100% opposite of our first realtor, and now things are looking up for us.

Having lost our first house and being extremely disappointed Jay and I almost call it quits and decide to stay in our mobile home. Phil being the guy that he is won't let this happen. He and Shelly work extremely hard to help us find the house of our dreams....26 acres in the woods, 2002 built home, beautiful! We put the offer in on the house and it's accepted!

Here starts the rollercoaster of highs and lows! One thing that everyone should know is that Jay and I do not have the best backgrounds as far as credit goes...Jay has a foreclosure and a bankruptcy, I have a bankruptcy....You ask yourself...Well how the heck did they get approved for a 30 year fixed 6.5% mortgage.......the answer is Phil! Without Phil and his team this would never have been a possibility. True that it wasn't a walk in the park for any of us, we were in constant contact with Phil and Josh; they took the reins and told Jay and me exactly what was needed to make this happen. There were tons of papers we needed to sign, things that we needed to fix on our credit report before the underwriters would look at our file, but it is all worth it. Phil is very high energy and a wonderful person to work with.

My point here folks is Jay and I had one of the worst possible scenarios as far as credit history could go.....Phil and his team got the job done. Phil is extremely passionate about his clients and is willing to go the extra mile to help make a dream for some....reality! I never in a million years thought it would be possible that after having such back luck with our credit, Jay and I could proudly say we are now the fortunate owners of our dream home.

Thank you Phil! Thank you to your team also! It was the most incredible experience I've had!

Sincerely,

Jay and Kelly!

FHA Mortgage Pro -- Go with a loan officer with 18 years financial experience!

Phil Olson (Mortgage & Investment Consultants) — Mon, 20 Oct 2008 13:45:56 -0500

FHA Mortgage Pro -- Go with a loan officer with 18 years financial experience! (edit/delete)

>>>>>>>>>> FHA Mortgage Lender and More! (100% ALSO)

LOW LOW rates, and I provide a large variety of programs including 100% Purchase loans , 97% Rate and term refinances, ALL FHA products, VA, USDA, FHASecure, FHA Streamline, FHA Mini Construction Loans, Super Jumbos, and all Conventional programs. Go with a mortgage officer who has 18 yr finance experience who will tell you the honest truth about each loan program and will look out for your short and long-term goals. Please visit my website at www.callphilolson.com to read many testimonials on how I represent my clients.

Phil Olson

Sr. Mortgage Planner

Mortgage & Investment Consultants

8619 W Pointe Douglas Rd. #220

Cottage Grove, Mn 55016

Office - 651-203-6432

Cell - 651-238-6748

Fax - 651-203-6431

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Find Your Home's Value!

Free Mortgage Insider Reports!

Loads of Loan Options!

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Your True One-Stop Mortgage Solution Guy!

Why are rates different from lender to lender?

Phil Olson (Mortgage & Investment Consultants) — Mon, 20 Oct 2008 13:37:45 -0500

This questioned has been asked of me many times. Why are rates different from lender to lender? To answer that question we need to understand two pieces of the loan puzzle (volume & pricing).

VOLUME- Is the loan originator a one man shop or a very large corporation with many different investors? Our industry thrives on volume and a company who can originate a high loan volume will received preferred pricing. The one man shop may have 5 different lenders where as a very large mortgage shop (MIC Inc. has 450 loans officers nationally) may have 80-100 mortgage companies that they deal on a daily basis. So high loan volume equates to better rates on a daily basis that the originator can quote to the consumer.

PRICING - All loan officers use a pricing matrix or pricing engine with every mortgage investor. This mathematical formula weighs the risk of the loan based on many different factors and determines the final rate the consumer can receive on the loan. With the rate comes YSP known as Yield Spread Premium. Yield Spread Premium is a bonus paid to the loan originator or banker who charges a higher rate to the customer. In turn, the broker or banker will receive a higher commission for charging that rate. Since all loans are like a living breathing entities some require very little attention and some require a ton of attention. Meaning a loan that may consume many more hours to complete will receive a higher rate because of the amount of work required. On the other hand, some broker and bankers automatically charge the consumer 2-3 points on the back to stretch their commission further. Is this right? In my opinion NO. We as originators and bankers deserve to be fairly compensated for our time and experience. It is too bad that there are loan officers out there who do not care about the consumer! I guarantee my customers receive a great rate and I will only ask for fair compensation.

This is why the consumer should shop 2-3 mortgage / banking companies for the best loan!

I hope this short blog clears the air on why rates are different! I have been in the banking industry for 18 years now and I will guarantee a fantastic experience and a great rate if you call me for a loan. I can back that up with many testimonials from past customers. I look forward to your questions and phone calls in the future!

WE ARE STILL DOING LOANS AND EVEN HAVE 100% FINANCING STILL AVAILABLE

Phil Olson (Mortgage & Investment Consultants) — Mon, 20 Oct 2008 13:32:08 -0500

Phil Olson
Mortgage & Investment Consultants
18 Years of Mortgage & Credit Repair Experience